GVK Bio to acquire US-based CRO Aragen Bioscience
29 Jan 2014
GVK Bio, Asia's leading small-molecule contract research organisation, will acquire Aragen Bioscience Inc., a US-based, pre-clinical, contract research organisation, extending its reach to the American markets.
Aragen Bioscience Inc, a privately held, pre-clinical CRO specialising in high-value biologics services, announced an agreement under which GVK BIO will acquire its capital stock.
The deal enables GVK Bio to expand its service offering to a broader base of organisations and gives GVK Bio expertise in biologics services and a significant US presence.
Aragen will be able to expand its service offerings while gaining access to GVK Bio's global sales force and to new markets.
The acquisition will provide GVK Bio with world-class expertise in large molecule research and development services and biological services.
Financial details of the agreement were not disclosed. This is the first overseas acquisition for GVK Bio.
''As an increasing number of biotech and pharmaceutical companies focus on protein-based therapeutics and bio-similars, the acquisition of Aragen Bioscience will strategically enhance GVK Bio's ability to offer high quality R&D services to the industry,'' said D S Brar, chairman of GVK Bio.
''Aragen's scientific excellence and expertise in large-molecule R&D services combined with GVK Bio's scale, resources, and global reach will create significant synergies for both companies,'' said Rick Srigley, president and CEO of Aragen.
With 2,400 employees and 300 global customers, GVK Bio provides a broad spectrum of integrated services, across the R&D and manufacturing value chain, including discovery research, discovery services, clinical development, contract manufacturing, formulations and informatics.
Privately-held Aragen Bioscience Inc is a contract research organisation with offices and laboratories in the San Francisco Bay Area. The company offers a diverse set of services for the discovery, characterisation, activity assessment and early development of biologic and diagnostic products.